Municipal Bond Holders' Insurance Corporation Act

Summary

Municipal Bond Holders' Insurance Corporation Act - Creates a Municipal Bond Holders' Insurance Corporation to insure the bonds of municipalities who are qualified for such insurance on the basis of financial history, condition of the municipality, and adequacy of capital structure. Requires an annual audit of the accounts of municipalities insured under this Act. Authorizes the Corporation to issue and sell its bonds, notes, and other evidences of indebtedness in order to finance its operations. Authorizes the Board of Directors of the Corporation to terminate the insured status of any municipality under this Act upon determination that such municipality has engaged or is engaging in practices which could undermine its financial responsibility. Allows a municipality to terminate its insured status on its own initiative. Creates a Permanent Insurance Fund to insure bonds of municipalities, the assets of the Fund to be held by the Corporation. Requires that money of the Corporation not otherwise employed shall be invested in obligations of or guaranteed as to principal and interest by the United States. Requires the Corporation to annually make a report of its operations to the Congress as soon as practicable after the first day of January in each year.

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1 official file

• Introduced in House

  summary · EN · 21 October 1975

  Open at official source

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